South Africa’s annual Consumer Price Index (CPI) increased to 4.5% in September 2026, Statistics South Africa (Stats SA) said on Wednesday.
“Annual consumer price index (CPI) inflation edged higher in September 2026, rising to 4.5% from 4.4% in August 2026 and 4.3% in July 2026. The index increased by 0.4% between August and September, up from 0% recorded between July and August,” it said.
This as consumer inflation rose for a second straight month.
Transport (10.8% and contributing 1.5 percentage points); housing and utilities (5.2% and contributing 1.3 percentage points); and insurance and financial services (5.4% and contributing 0.6 of a percentage point) were the main contributors to the 4.5% annual inflation rate.
In its Weekly Monitor economic commentary, Nedbank forecast headline consumer inflation to accelerate from 4.4% in August to 4.8% in September.
“The main driver will remain higher transport costs stemming from a rise in fuel prices. Petrol prices rose by 5.3% mom [month-on-month] following a jump in global oil prices (about 14.1%) and a depreciation of the rand against the US dollar (about 1.7%). Consequently, fuel inflation is expected to rise from 20% to around 27%,” it said in the document dated 17 October 2026.
It added that food inflation is expected to continue its moderate increase off a low base.
“The contribution from housing and utilities will also increase, driven by actual rentals for housing and owners' equivalent rent, as well as wages for domestic workers and public transport fares, as surveyed in September.
"Core inflation is also expected to firm, rising from 4.0% to 4.4%, as the indirect effects of higher fuel costs continue to filter through to a broader range of goods and services, suggesting mounting underlying inflationary pressures,” said Nedbank.
The data was released ahead of Finance Minister Enoch Godongwana’s tabling of the Medium-Term Budget Policy Statement (MTBPS) on Wednesday afternoon.
READ | All systems go for Medium-Term Budget Policy Statement
-SAnews.gov.za
